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August 20, 2009

Condo of the Day: 145 Park Place, #2G

This second-floor two-bedroom at 145 Park Place in Park Slope is looking like a pretty good deal to us after a reduction last month brought the asking price down to $695,000. The only major thing working against the 1,360-square-foot pad (assuming you like the new condo look) is that the second bedroom is windowless, hence its technically being referred to as a home office. Otherwise, this seems pretty compelling on a price-per-square-foot basis, no?
145 Park Place, #2G [Stribling] GMAP P*Shark

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Meh. In every way.

Posted by: Fjorder at August 20, 2009 12:47 PM

I'm sorry, but am I the only one who sees only 1 bedroom on the floorplan?

Posted by: CarrollGardened at August 20, 2009 12:49 PM

I looked long and hard at the floor plan, and I didn't see a home office that could be used as a windowless bedroom (and the realtor makes no mention of a 2nd bedroom option).

What I saw was a 2 room apartment. One bedroom and one quite large entryway/dining/living room with windows (and skylights) on one end and an open kitchen on the side.

It looks like a quite nice 1 bedroom

Posted by: northsloperenter at August 20, 2009 12:52 PM

> Otherwise, this seems pretty compelling...

This is a $695,000 1 bedroom apartment with an $1131 monthly maintenance that faces Flatbush Avenue.

The only thing it compels me to do is laugh.

Posted by: DitmasSnark at August 20, 2009 12:52 PM

i think the "second bedroom" is supposed to be the area that is right after the foyer - it has 2 closets and no windows. but i totally agree that a "second bedroom" with no windows that one has to pass through to get to the rest of the apartment isn't close to a real second bedroom, at least not close enough to make this a great deal. but yeah, nice 1 bedroom.

Posted by: i disagree at August 20, 2009 12:57 PM

i love this place.....prime location, nice finishes, and layout....i would live check-to-check to be here....i would even waive my 3rd floor and above requirement...

Posted by: aj at August 20, 2009 12:59 PM

Wow... Only $4,300 for a 1-bedroom apartment!! What a bargain! Whoo Hoo!

Those Bed-Stuy rentals are looking amazing now!

Posted by: tybur6 at August 20, 2009 1:04 PM

DitmasSnark, the listing says $674 for maintenace...where did u get $1131 from?

Posted by: aj at August 20, 2009 1:06 PM

> where did u get $1131 from?

I added the $457/mo in taxes.

Posted by: DitmasSnark at August 20, 2009 1:10 PM

this is a tough one. on the one hand, just above 500/sqft in north slope seems impressive abstracted from everything else. and it has a little outdoor space. one the other hand, 695K for a one bedroom, not impressive. location is not particularly nice - although convenient to the subway. monthlies are very high, particularly for a condo (it's $674 plus taxes = $1131). and the space is pretty blah.

Posted by: perhaps at August 20, 2009 1:10 PM

$457 in taxes, if that's monthly and not yearly, wow. No abatement.

Posted by: DeLepp at August 20, 2009 1:12 PM

thats sucks....welll at least you dont pay tax in 2010 and for the rest of 2009....i still love the space though.

Posted by: aj at August 20, 2009 1:15 PM

Nice price, ugly building.

Posted by: MoneyForNothing at August 20, 2009 1:18 PM

There is much better to be had out there for this price, but I've recently experienced the fact that some people (especially those who are used to it in Manhattan) rank a doorman as a top priority when moving to Brooklyn and this area has very few doorman buildings.

For that reason (and judging by the rather brisk sales effort by Stribling judging from Streeteasy) this will sell, but for closer to 600K.

Posted by: 11217 at August 20, 2009 1:19 PM

oh, and craptastic location.....just realize I have walked by it many times.

so I take back my nice price comment.

Posted by: MoneyForNothing at August 20, 2009 1:20 PM

I particularly like the "2nd bedroom" -- not even the realtor noticed it.

Posted by: bklplebe at August 20, 2009 1:22 PM

it is worth noting that recent sales in the building have been between 600-675/sqft. including a unit in the G-line on a higher floor. so this is a good 20% under some recent comps in the building itself.

still, not a fan of the layout, maintenance or location, really.

Posted by: perhaps at August 20, 2009 1:22 PM

Earlier this summer there was a huge billboard right in front of this building advertising some kind of treatment for hemmorhoids and it had a big ole @ss on it. Is that still there?

Posted by: InsertSnappyNameHere at August 20, 2009 1:26 PM

> a big ole @ss

It's actually a peach that just looks a$$like. Classy.

Posted by: DitmasSnark at August 20, 2009 1:33 PM

According to the listing, that $457 tax *does* include a j51 tax abatement. Maybe that means it's the annual tax?

Posted by: Kris at August 20, 2009 1:36 PM

Taxes are high because this was a J-51 not 421A. Building used to be a church and developer gut renovated it and added new bulk to reach the current height. Interestingly the early buyers had to pay full taxes (for more than a year) of over 10k average since it took for ever to get the J-51 benefits. Since the "new construction" got no benefits the renovated portion was spread over the entire structure leaving a very substantial residual tax liability. These benefits only run 10.8 years, so look at other new construction if you plan to live in your purchase a substantial period of time. Most new 421A jobs will give you only a 1k +/- tax liability for a greater length of time. Good luck to all!

Posted by: MarionG at August 20, 2009 1:36 PM

Ha! Yes - I remember the hemorrhoid ad!

Posted by: Kris at August 20, 2009 1:37 PM

That was a peach??? Ha!

Posted by: InsertSnappyNameHere at August 20, 2009 1:37 PM

**note to self...don't buy anymore peaches for a while**

Posted by: InsertSnappyNameHere at August 20, 2009 1:44 PM

> According to the listing, that $457 tax *does* include a j51 tax abatement.

I believe that's true. I looked at a 2BR here with a friend about a year ago, and the monthly taxes on it were about $900.

Yes, over $10,000/year just in taxes!

Posted by: DitmasSnark at August 20, 2009 1:47 PM

a hemmeroid ad in front of this building is perfect considering anyone buying in is getting ass-raped

*rob*

Posted by: PitbullNYC at August 20, 2009 1:49 PM

nice finishes, high ceilings, and a fair amt of space. you'll see this price for 1000 sq ft places with no outdoor area.

this needs an architect to swing by and come up with a solution to create a second bd. i'd lean toward the area next to the current bedrm. because that room has the door to the balcony, would make that the master and give the kid(s) what is currently labeled as the master. room enough in there for kid furniture and an arts and crafts table and toys. add a ton of shelves/cabinets and you have all the kid stuff stored away and a play area.

the area in the front foyer could be used as an office - add a built-in desk along the wall and again add additional shelves and cabinets for storage. no reason not to take advantage of the high ceilings.

i looked at this bldg multiple times when i was buying, and it's nicer than some of the comments make it out to be. it's an elevator bldg with services. at that time, i thought it was over priced, i really wanted central air, and needed 2000 sq feet + outdoor space. the only apts that came close were simply too much $$. there was a decent 1800 sq foot place, but no outdoor space.

anyway, this looks ok to me. I'm going say that they'll get close to list.

Posted by: wine lover at August 20, 2009 1:52 PM

So... who's gonna pony up $4300 a month for this amazing place. Seems worth every penny.

You need to make $80,000 simply to cover your housing expenses to live in this magnificent abode (take home pay). And i suppose another $80,000 to live the life that's expected of someone living off of Flatbush Avenue.

Posted by: tybur6 at August 20, 2009 2:02 PM

tybur6: i don't know what you think people pay in rent, but if you are married and have a kid and don't want to live in some small walk-up, it's a lot!

we had a rental in a doorman building in 2006. small kitchen, unrenovated kitchen and bath. and pre-war, but not in a good way. it was $4600. (manhattan) it was temporary, so we didn't have a great choice. but, seriously, do a google search for a similar hood. include: wall thru A/c as a minimum, laundry in apt, outdoor space and over 1300 sq feet. brand new. upscale kitchen and bath. etc... then write again.

a new place with laundry and all that minus your tax deduction, isn't bad at all.

rents go up up up. over time, your mortgage payment will be equal or lower.

throw in doing what you want to the place, and owning is fine.

Posted by: wine lover at August 20, 2009 2:49 PM

Ty:

You don't need to take advice from a known bstoner racist.

Posted by: 11217 at August 20, 2009 2:54 PM

> i don't know what you think people pay in rent..

I don't know what YOU think people pay in rent, but if you think people are throwing down $4300/mo for a 1BR on the second floor facing Flatbush Avenue, then you need to lay off the sauce.

Posted by: DitmasSnark at August 20, 2009 3:08 PM

There's no way $4300 is even in the ballpark of reasonable. Do you know how many years it would take for rent going "up up up" to eclipse this absurd price tag?!

It's a large-ish ONE-bedroom apartment. Oh yeah, and the monthly maintenance that's almost as much as the FULL RENT for 1-bedroom apartments. That's also going to continue to go UP UP UP.

If you even entertain buying this apartment, you are officially on my "You're a Fucking Douche Bag" list.

Posted by: tybur6 at August 20, 2009 3:29 PM

Ugly building, crap location. I've looked at a few units in there. After the first one I saw I guess I just went back out of boredom. If anything in this building trades above seller's cost it's a testament to the buyer's poor negotiating skills.

Posted by: lechacal at August 20, 2009 4:24 PM

I'm now noticing that quite a few of the recent transactions have sold for 100-300K less than what was paid for the same units in 2007. Many sellers in this building are taking a loss.

I say stay away.

Posted by: 11217 at August 20, 2009 4:48 PM

11217, don't discourage Wine Lover. I think a downpayment has already been deposited on this unit.

Posted by: tybur6 at August 20, 2009 5:07 PM

Living on Flatbush sucks, but the general location is actually pretty darn good relative to proximity to the B/Q and 2/3 and event the Park. Agree that the lack of 2nd bedroom is a problem, but there is a ton of living and entertainment space. Its not for most, but for someone. The one positive thing I have to say in favor of this building in comparison to most new construction is that the living/dining spaces are quite large. The crap on 4th Ave and elsewhere have such freaking small living spaces. I guess if you are never home its fine, but if you like to actually live at home and entertain etc, i just dont get it.

Posted by: saminthehood at August 20, 2009 5:11 PM

winelover: What would you do about light if you made the sitting area another bedroom? All the windows are on that terrace wall. As it is, must be pretty dark down the other end.

It's not my kind of place, but I think this qualifies as a large one bedroom, not "large-ish." The sq. ft. asking price might not be gotten, but is not crazy, nor is the maintenance (including taxes) for this kind of place -- a single person or couple who like a certain kind of entertaining. That's who they seem to be going after despite the location.

Posted by: Nomi at August 21, 2009 12:47 AM

The location is amazing, but this apartment is on the noisy Flatbush side. I didn't see anyone posting about the horrible subway noise, either. I went to look at this apartment and stayed about twenty minutes. The whole apartment shakes and vibrates and the subway noise is ridiculous. The developer thought they could get nearly a million dollars for this place, but buyers know better. It's a great building, but this apartment is the bad apple in the barrel. Stribling is trying to dump this apartment and get out of the building once and for all. I think this is their last unit. Maybe there's one or two more, tops. At least 90% sold and there's only a couple of units that aren't owner-occupied. If there wasn't any subway noise and the 2nd bedroom had a window, this would be phenomenal. But it's not.

OH - and that awful hemorrhoid billboard has been replaced by a much classier Holiday Inn add.

Posted by: parkslopedad at August 21, 2009 7:33 AM

« Inside Third & Bond: Week 97 House of the Day: 52 South Oxford, Reduced and Revisited »

August 20, 2009

Condo of the Day: 145 Park Place, #2G

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